04/18/2008

Clearford Industries Inc. Update of Terms of Conditional Offer to Acquire an Ontario Based Precast Concrete Manufacturer

Ottawa, Ontario – (April 18, 2008) - Clearford Industries Inc. (“Clearford”, TSX-V: CLI) announced today an update of its acquisition of an Ontario based concrete manufacturer (the “Vendor”) as previously disclosed in a press release dated December 13, 2007 (and updated on March 4, 2008). As previously disclosed, Clearford has completed its due diligence pertaining to a conditional offer entered into between the parties on November 12, 2007 (the “Agreement”) whereby Clearford is to acquire all of the Vendor’s issued and outstanding shares. The target date for the entering into of a definitive purchase agreement has been extended until April 30, 2008, with the target date for the completion of the acquisition being extended to July 31, 2008. The name of the Vendor has been omitted at the request of the Vendor for competitive marketing and business reasons. The Vendor wishes to preserve confidentiality of the transaction until a definitive agreement has been entered into.

Clearford will purchase all of the issued and outstanding shares of the Vendor, an Ontario corporation, for a total purchase price of approximately $22 million (the “Purchase Price”), subject to the provisions of the Agreement. The Purchase Price is to be paid by way of a $5 million secured promissory note and the remainder in cash at the time of closing.

The purchase is conditional on Clearford obtaining the required financing of the Purchase Price. It is anticipated that this financing may involve both debt and equity elements and may result in a change of control. There are currently 25,706,165 Clearford common shares issued and outstanding, with an additional 31,250,000 shares issuable upon conversion of all outstanding convertible securities of Clearford and an additional 3,590,808 shares issuable upon vesting and exercise of outstanding stock options and warrants.

The closing of the acquisition is subject to: (1) the ability of Clearford to secure adequate financing to acquire the shares and adequately capitalize the business to operate the Vendor’s business; (2) consent of HSBC Bank Canada and the holders of the secured convertible debentures of Clearford; and (3) other customary conditions to closing as required in a transaction of this type.

The above-mentioned transaction is a material acquisition by Clearford that could result in a change of control of Clearford and because of this may be treated as a reverse take-over transaction (an “RTO”) for the purposes of applicable securities laws and the policies of the TSX Venture Exchange (the “Exchange”). At this time Clearford does not anticipate that the transaction will result in a change of control.

The Vendor is an Ontario corporation with assets in one location in Ontario. The Vendor is a manufacturer of concrete products and has customers and distributors in Canada and the US. The addition of the Vendor’s business to Clearford’s Concrete Division builds on Clearford’s strategy of consolidation of the wet cast segment of the pre-cast concrete market through acquisition

Certain information included in this press release is forward-looking and may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with Clearford’s growth, regulatory risks, intellectual property infringement and other factors. Unless otherwise required by applicable securities laws, Clearford disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about potential factors that could affect Clearford’s financial and business results is included in public documents Clearford files from time to time with Canadian securities regulatory authorities.

Completion of the transaction is subject to a number of conditions, including Clearford Board approval, Exchange acceptance and potentially disinterested Shareholder approval. The transaction cannot close until the required Shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular and/or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transactions described herein may not be accurate or complete and should not be relied upon. Trading in the securities of Clearford should be considered highly speculative. Trading in the securities of Clearford has been halted by the TSX Venture Exchange since the date of the Initial Press Release and will continue to remain halted until: the terms of the required financing have been finalized and disclosed; and the name of the Vendor has been disclosed.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

About Clearford Industries Inc.
Clearford Industries Inc. is comprised of two divisions: the Wastewater Systems Division and the Brooklin Concrete Division. The Wastewater Systems Division designs and implements the patented Small Bore Sewer™ (SBS™), a watertight small diameter wastewater collection system for developers, municipalities and First Nations communities who need to create, expand or upgrade their sewage systems. This solution provides servicing with superior operational and environmental performance at a significantly lower cost when compared to historic gravity sewers. With its first installation in 1989, the SBS™ has since had several installations within Canada and the U.S. The Brooklin Concrete Division has been in operation since 1952, with 4 locations in Ontario, including: Brooklin, Newmarket, Huntsville and Haliburton. A leading producer of septic tanks in Ontario, Brooklin manufactures precast concrete products ranging from interlocking pavers and patio slabs, to retaining walls and storage structures. For more information on Clearford Industries Inc., please visit www.clearford.com.

For more information contact:
Mr. Bruce Linton
President and CEO
Clearford Industries Inc.
Phone: (613) 599-6474 ext. 301
www.clearford.com